Women's World Banking facts for kids
Women's World Banking is a global organization that helps women become more financially independent. It works to make sure women everywhere have access to important money services like savings accounts and small loans.
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| Founded | 1979 |
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| Founders | Esther Afua Ocloo, Ela Bhatt, Michaela Walsh Elizabeth Mary Okelo |
| Legal status | 501(c)(3) |
| Focus | Low-income women |
| Headquarters | New York City, New York, U.S. |
| Method | Women-Centered Policy & Product Design |
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President, Chief Executive Officer
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Mary Ellen Iskenderian |
Contents
What Women's World Banking Does
Women's World Banking (WWB) is a nonprofit organization. This means it works for a good cause, not to make money for owners. WWB helps financial groups and governments create programs. These programs make it easier for women to get money services.
WWB also invests money to help women in the workplace. This helps women gain financial security and independence.
How Women's World Banking Started
Women's World Banking began with an idea in 1975. This was during the first First World Conference on Women in Mexico City. Important women leaders met there. They included Esther Ocloo from Ghana, Ela Bhatt from India, and Mary Okelo from Kenya. Michaela Walsh also helped start the idea.
They all believed that women needed economic independence. This means having control over their own money. They saw that small loans could help poor women start businesses. This would help fight poverty around the world. Four years later, in 1979, Women's World Banking officially started. Its goal was to help women who traditional banks did not serve.
In 1991, Nancy Barry became the second president of WWB. She helped the organization grow a lot. She worked with big banks to offer services to many low-income business owners.
Mary Ellen Iskenderian became the third president in 2006. She has led WWB for over 15 years.
WWB is guided by a Board of Trustees. These are experts in banking, finance, and law. They help make important decisions.
Why Focus on Women?
Research shows that helping women with money has a big impact. When women get small loans, they gain more control over their homes. They also have more say in decisions. This helps them participate more in public life.
When women earn money, they often reinvest it in their families. They use it for things like healthcare and their children's education. This helps their whole community. Because of this, WWB focuses on helping women. They believe it's a powerful way to fight poverty.
WWB has done research on how families make money decisions. This research led to changes in banking. For example, loan paperwork became simpler. This helps women who might not read well. Banks also changed their offices to be more welcoming to women with children.
Products and Services
As more people understood the importance of financial inclusion, WWB created new services. These include savings accounts, ways to send money, and loans for homes. They also work with central banks to make sure policies help women.
WWB also helps its partner organizations. They offer advice, research, and training. This helps these groups better serve women.
The Global Network
WWB does not give loans directly to people. Instead, it partners with organizations in different countries. These partners are in Asia, Eastern Europe, Latin America and the Caribbean, and the Middle East and North Africa.
In 2007, ten of WWB's partners were named among the top 50 microfinance groups by Forbes magazine. In 2009, thirteen partners were on the Global 100 list by the Microfinance Information Exchange. This list highlights groups that help many people and are well-managed.
Women in Leadership
Having women in leadership roles is very important for financial inclusion. Many of the first leaders in microfinance were women.
Studies show that companies with more women in leadership do better financially. A 2007 study found that microfinance groups led by women had better financial results. They also had lower costs. Women loan officers can also be great role models for their female customers.
Between 2003 and 2007, the number of women on boards and in senior management at WWB partner organizations decreased. Because of this, in 2009, WWB started programs to support women leaders. They want to help more women get into leadership roles. They also work to create workplaces where everyone feels included.
The Path Forward
Even today, many women around the world do not have access to formal financial services. This stops them from reaching their full economic potential. Women's World Banking aims to reach 100 million women between 2017 and 2027. Their goal is to change these women's lives and help entire communities thrive.
See also
In Spanish: Banco Mundial de las Mujeres para niños
